It is not always safe to have to provide bank account information every time you want to make an online transaction. Crypto-currencies get around this challenge as they allow you to register on a sports betting site without a bank account, among other things. Here are some details on the subject.
A crypto currency is a virtual currency which therefore has no physical form. These currencies are not issued by a financial institution or central bank. The volatility of a cryptocurrency is generally a function of demand and supply. The value of an e-currency is not dependent on political uncertainties.
Cryptocurrencies are usually traded online through a specific network that can vary from one e-currency to another. For Bitcoin, this is called a blockchain. The transaction does not last as long as with other currencies such as the euro, the dollar, etc. These currencies not being physical are stored in a virtual wallet.
One advantage of cryptos is anonymity. Indeed, you can make your transactions regardless of your location in the world, in the blink of an eye and without bank fees. The method also has the advantage of being secure as miners continuously monitor the blockchain, making the network impossible to hack.
It is used to make payments online. The use of cryptocurrencies as a means of payment is in vogue today. After Bitcoin, whose creation dates back to 2009, several other virtual currencies have been created and are increasingly used.
For example, bitcoin, the first crypto reached $20,000 during 2017, which attracted the attention of several bookmakers. These currencies are therefore accepted by several online betting sites as payment methods.
The use of these e-currencies is not only profitable for the bookmaker but also for the player.
The cryptocurrency sector is booming and the media is very interested in it. Several bookmakers accepting cryptocurrency payment methods thus benefit from free advertising on the media. But this is not the biggest advantage for them. Crypto payments are known to be safe, so the risk of fraud is sufficiently reduced for the bookmaker. The payments are made worldwide without the online betting site having to pay any bank fees or take any bank. The fluctuation of some virtual currencies can be an advantage for bookmakers, as a payment of €10 can be worth €30 a few hours later. So this is an area that promises a lot for bookmakers.
The use of cryptocurrencies as a means of payment is not only profitable for bookmakers. As a punter, you also have a lot to gain. Basically, you can now register with a bookmaker without requiring or giving out your bank account information. This is not only safe but also convenient. Now, all you need to do is open a wallet account to manage your electronic wallet. However, you need to make sure that the bookmaker accepts e-currency payments beforehand, as not all of them accept it yet. You then credit your wallet account with active cryptos that you commit to when you bet. Winnings can also be deposited in cryptocurrencies.